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Trade Date: 6/25/2017 Commentary (delayed until 10.20 AM ET)
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ZN R1-R4: 126-23-126-24, 126-26-126-29, 127-00-127-005, 127-04-127-08

ZN S1-S4: 126-16-126-18, 126-115-126-13, 126-08-126-09, 126-00-126-04

ZN/ZB Comments: TSY’s are quietly notching higher. The pace increases when the ES sells. In the Bond 155-16, then 156-09 have been taken out. The next LV# is at 156-25. Yesterday’s high was 156-23. If the ES does sell today, TSY’s should retest resistance and/or take it out. The 10 Y due to spreading hasn’t been as strong as the 30 Y. Little news OVN. The EU news showed better than expected economic numbers in manufacturing and lower numbers for the service sector. Today’s news is limited. Today’s news: PMI Composite is expected at 53.8, New Home Sales at 590 K, and Baker Hughes Rig Count at ??? (previously 1092/933). The focus should be the direction of the ES and New Home Sales. Resistance begins t a126-24/28 and support is at 126-12/18. Will play for another trading range day. First sell is 126-23/27 followed by 126-31/127-03. Cover at 126-17 OB. First buy is 126-14/18 followed by 126-05/09. Exit at 126-27 OB.

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ZB R1-R4: 156-14-156-16, 156-20-156-21, 156-23-156-24, 156-28-157-00

ZB S1-S4: 156-05-156-07, 155-29-156-00, 155-20-155-24, 155-12-155-16



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ES R1-R4: 2435-2437, 2439-2441, 2445-2451, -

ES S1-S4: 2428-2430, 2425-2426, 2415-2420, -

ES Comments: The ES is stuck in a trading range awaiting the next piece of news to propel it higher. The weakening economic news is being sloughed off. Reminds me of the stk mkt strength under the Fed’s manipulation where growth was always about to happen and it never did. The money is still long equities and content to stay there until Trump’s tax cuts are announced, IMO. Little news out OVN. Manufacturing in the EU was higher and services was lower reflecting the French and German numbers. Today’s US news rarely moves the mkts. Today’s news is limited. Today’s news: PMI Composite is expected at 53.8, New Home Sales at 590 K, and Baker Hughes Rig Count at ??? (previously 1092/933). Resistance begins at 2435/40 ande support is at 2425/28 as the mkt opens. Will play for another trading range day. First buy is 2425/28 followed by2420/22. Exit at 2435 OB. First sell is 2435/37 followed by 2439/41. Cover at 2428 OB.

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